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1 2017 ANNUAL REPORT
2 2017 Year-End Review Letter To Our Members Being a member-owned electric cooperative, we strive for noticeably superior member services. This is not only one of our strategic goals, it is the culture at Dakota Electric Association. Every one of our employees and board members plays a role in demonstrating noticeably superior service each and every day. We are thankful that our members send us notes from time to time to express their gratitude for our service. A member from Lakeville wrote a note saying, We have been members of Dakota Electric for almost 40 years. The excellent service along with the friendly, reliable people we have come in contact with over the years has been truly remarkable. Thank you! We share these notes with our employees to assure them that our members do appreciate their hard work. Comments likes this generate a great deal of pride among our employees and motivate them to constantly improve. Our commitment to the environment was evident last year as well. Dakota Electric energized its first utility-scale solar installation near Hastings. The 1-megawatt (MW) project consists of 3,600 solar panels, and the energy produced is delivered solely to member-owners throughout our distribution system. In 2018, we plan to install a 2-MW solar array with details currently being finalized. The board of directors has asked staff to explore up to an additional 10 MW of solar projects and possibly couple these projects with battery storage. These renewable energy initiatives are in addition to the impressive renewable mix from our power supplier, Great River Energy, that includes wind, solar, hydro and refuse-derived fuel. Dakota Electric continues to add approximately 1,000 new services a year. Even with the addition of new services, energy sales are flat or declining primarily due to our energy conservation and efficiency programs. The good news is that our electric rates are slightly lower this year. Our wholesale power provider is forecasting very moderate cost increases for the foreseeable future, which will continue to make our rates very competitive with neighboring utilities. Our system reliability continues to be world class thanks to proactive system maintenance, ongoing line patrol, tree trimming, and our knowledgeable line workers and system control staff. These combined efforts help to improve outage prevention and restoration. In addition, work continues on our Advanced Grid Infrastructure (AGi) project, which will replace our aging electric meters and load control receivers with state-of-the-art devices that will detect outages and report them directly to our dispatch center. This will enhance our ability to provide reliable service. We plan to conduct a pilot project at our headquarters later this year and field test a few thousand meters in 2019 before full deployment begins in Watch for more information as we get further into this important project. As you can see, we have a lot of exciting things happening this year and beyond. We will keep you informed every step of the way. On behalf of the board of directors and staff of Dakota Electric Association, thank you for the privilege to serve you, our member-owners. JIM SHELDON Chairman, Board of Directors GREG MILLER President and CEO 2 Annual Report 2017
3 2018 Goals RELIABILITY Complete the installation of fiber optic communication to all substations in Address the poorest performing feeders to improve reliability in outage-prone areas. Finalize Advanced Grid Infrastructure (AGi) contracts and begin tests on the new technology. EFFICIENCY Encourage residential members to conserve 4.8 million kwhs of electricity through energy-efficiency rebates and programs. 2017: Continued achievement in service and reliability As a member-owned cooperative, we strive to provide quality service to our members. Below is a brief overview of our 2017 achievements: Reliability indices, as reported to the Public Utilities Commission, continue to be among the best in the nation: Outage frequency per member averaged less than one outage every four years (normalized for major events). Helped bring the first electric school bus to Minnesota to test the technology in a real-world environment. Continued the installation of remote monitoring and distribution equipment controls to allow improved restoration times. Completed construction on a new substation north of Randolph to improve capacity and service to the southern part of our service territory. Helped members conserve more than 30.6 million kilowatt-hours (kwhs) of electricity, which is enough energy to power approximately 3,000 homes for an entire year. Reduced our wholesale power bill by approximately $17 million through member participation in Energy Wise off-peak programs. Member service representatives received 151,756 calls in 2017 and answered 89 percent of calls in 20 seconds or less. Meter readers completed approximately 1.4 million meter readings, estimating approximately one percent of all readings. Awarded $200,000 in scholarships and educational donations using unclaimed capital credits. Launched a smartphone app that allows members to quickly report outages and more. Provided turnkey lighting retrofits to 21 small businesses, helping them save more than 240,000 kwh. Offer rebates and grants to help business members conserve at least 11.5 million kwhs. AFFORDABILITY Work with our wholesale power supplier, Great River Energy, to minimize power cost increases. Work with legislators on the impact potential legislation may have on Dakota Electric members. COMMUNITY Send five high school students to Washington, D.C. to learn about our nation s government. Continue to recognize local firefighters through our Spirit of Excellence Award. Actively support the communities we serve through various volunteer efforts. ENVIRONMENT Install 2-MW solar array (8,000 panels) near Randolph. Distribute more than 6,000 tree seedlings to communities and schools. MEMBERSHIP Pay out more than $2.5 million in capital credits. Host the fourth annual Energy Trends Expo to inform members on the latest energyefficiency trends and technologies. Host the annual Member Appreciation Event at the Minnesota Zoo. 3
4 2017 Summarized Financials Consolidated Balance Sheets ASSETS (in thousands) CURRENT ASSETS Cash and cash equivalents $3,081 $3,848 Accounts receivable, less allowance for uncollectible accounts ( $676; $1,001) 25,541 22,656 Conservation cost and property tax recovery 1, Inventories, materials and supplies 4,473 4,070 Prepayments and interest receivable 1,012 1,080 Deferred charges 2 15 Total current assets 35,118 32,587 Investments in associated companies and other investments 117, ,393 UTILITY PLANT Distribution system and general plant 297, ,017 Less accumulated depreciation (122,693) (118,630) Net utility plant and work in progress 174, ,387 Deferred charges and other assets TOTAL ASSETS $326,827 $312,463 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $29,492 $28,268 Notes payable 12,000 10,900 Current portion of long-term debt 7,695 7,228 Customer security deposits Accrued property and other taxes 4,925 4,836 Other current liabilities 7,785 7,324 Total current liabilities 62,426 59,093 Long-term debt 90,658 87,598 Post-retirement benefit obligation 4,207 3,925 Deferred credits and other liabilities Total liabilities 157, ,169 MEMBERS EQUITY Patronage capital and other equity 169, ,294 TOTAL LIABILITIES AND MEMBERS EQUITY $326,827 $312, Sources of Electric Revenue Residential - 58% Small commercial - 3% Large commercial - 38% Street lighting & Irrigation - 1% 4 Annual Report 2017
5 Consolidated Statements of Operations (in thousands) OPERATING REVENUES Net sales $202,277 $202,746 Cost of power/cost of sales 148, ,205 Gross margin 53,829 53,541 OPERATING EXPENSES Total operating expenses 50,074 48,417 Net operating margin 3,755 5,124 OTHER INCOME Total other income 7,309 8,305 Income before taxes 11,064 13,429 Income tax (credit) on non-regulated operations (80) (60) NET INCOME $11,144 $13,489 Consolidated Statements of Cash Flows Net cash provided by operations $12,291 $16,817 Net cash used for investing activities (14,446) (11,153) Net cash from (used for) financing activities 1,388 (2,630) Net change in cash and cash equivalents (767) 3,034 Cash and cash equivalents at beginning of year 3, CASH AND CASH EQUIVALENTS AT END OF YEAR $3,081 $3,848 Financial information presented in this report is summarized. Members may request a copy of the complete audited financial statements or view them online at Uses of Revenue Cost of power/cost of sales - 73% Net operating margin - 2% Labor & related benefits- 12% Net interest expense - 2% Depreciation - 5% Property & other tax - 2% Operations expense - 4% 5
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